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Why Almost Everyone Needs Disability Insurance?

Disability-Insurance-Why-Is-It-So-Important-300x300Certain things may not be the most followed, the most complied with, but that doesn’t render them any less important. Nor does the non-adherence to those would prove them any less crucial!

The above statement is to an extent quite applicable to the least bothered forms of insurance policies – the disability insurance. Often, most people neglect the significance of having disability insurance well in hand. As is the case with personal injuries, you can never deem best when you might fall for an accident and how long would it take to recover from those injuries. You simply can’t ascertain that. Be it your fault or somebody else’s – one way or the other – you are constantly under the possibility of hurting yourself!

The Ontario Human Rights Commission (OHRC), in its section for policy and guidelines on disability, defines disability to be,

any degree of physical disability, infirmity, malformation or disfigurement that is caused by bodily injury, birth defect or illness and, without limiting the generality of the foregoing, includes diabetes mellitus, epilepsy, a brain injury, any degree of paralysis, amputation, lack of physical co-ordination, blindness or visual impediment, deafness or hearing impediment, muteness or speech impediment, or physical reliance on a guide dog or other animal or on a wheelchair or other remedial appliance or device,
a condition of mental impairment or a developmental disability,
a learning disability, or a dysfunction in one or more of the processes involved in understanding or using symbols or spoken language,
a mental disorder, or
an injury or disability for which benefits were claimed or received under the insurance plan established under the Workplace Safety and Insurance Act, 1997
( http://www.ohrc.on.ca/en/policy-and-guidelines-disability-and-duty-accommodate/2-what-disability )

Yet, it is also suggestive about taking disability in a “broader perspective”. But practically, every insurance provider has his/ her own set of criteria regarding when and who can be relegated with a disability to be qualified for disability insurance. The definitions become more intricate here.

If statistics from the Social Security Administration are to be believed, three out of ten workers will exit employment with some disability before retirement. That comes as a shock, because less than half of workers have short term disability and only 40% with long term disability insurance, when by the age of 42 people are more likely to be seriously disabled at workplace. All these statistics are alarming, indeed.

Because accidents, mishaps are so unannounced, it only seems wiser to have a long term disability which will cover you for a longer phase in your life!

So why is disability insurance all that important?

It is very simple, because all of us aren’t financially independent. Very few of us are that lucky enough, but most of us have this baggage of average life to deal with. Your savings might not prove to be sufficient in times of need; and wouldn’t you want your savings to sort you with other important things in life? But this “savings-game” is better put off to the elders. What about those who’ve just started a working phase in life? What if at an early stage in your working life you meet with an accident? Not all fresh working professionals have heaps of saved funds lying in the banks.

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